Power Markets And Electricity Derivatives
Since the early ‘90s, the electrical energy sector has undergone profound and dramatic changes. More and more countries moved towards the deregulation of their energy sectors, from a regulated and monopolistic industry to one were the market forces of supply and demand determine the unit price of electricity.
The first case of energy sector deregulation in Europe was recorded when the United Kingdom with the Electricity Act of 1990 created the Electricity Pool for England and Wales. Norway soon followed suit (Norwegian Energy Act of 1991) and set up the Norwegian Pool in 1993, which eventually became the Nord Pool in 1996. At the same year, the European Union issued its Electricity Directive (Directive 96/92/EC) according to which the electricity markets of all EU countries should be open for competition by 2003, with the exceptions of Greece and Ireland which were granted a one year extension [13].
Deregulating a country's energy sector is a complicated and difficult task. The......
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